> spot an extreme growth opportunity, bet everything on it, and be correct.
Or be born into money. No amount of self-help is going to tilt the scale towards that.
Or be born into money. No amount of self-help is going to tilt the scale towards that.
> Or be born into money. No amount of self-help is going to tilt the scale towards that.
While there are undoubtedly success stories which resemble both of these caricatures, I think they're in the minority. I can't say I'm hobnobbing with the Forbes billionaires list but I have personal relationships with many people who built successful businesses. Betting on a unique opportunity is often an amplifier, so is starting in a good place in terms of money/family. But what they all have in common is they focused religiously on the top line, they didn't fuck up the bottom line, and they worked very hard.
Having the resources to take risks is the number one factor to succeeding, I think. Being able to identify good opportunities comes after that.
Baseball is easy when you have unlimited at-bats.
I agree that having financial resources is a huge leg up, but I don't believe it's mandatory. My beliefs are formed from personal experience. I came from a working class family that lived below the poverty line. My parents kicked me out at 18 with a warning that if I ever wanted to come back I'd better be ready to pay them rent. (Resolved that I would never take them up on that offer, never did.) When I started my business I had $250 in the bank and no idea how I was going to pay the next month's rent.
For years I failed and I sacrificed where I had to. I worked long hours at terrible rates, I didn't spend a dollar more than necessary to survive, I gave up on my hope of saving and buying property, I neglected my health, I gave up on my hope of finding a partner and starting a family because women aren't interested in a nerd who has nothing to his name except dreams.
These are the sacrifices you can make if you aren't born into wealth but you want to achieve it. Some people absolutely have success handed to them. They have a safety net which allows them to fail until they succeed. For the rest of us, you sacrifice time, energy, opportunity, and health.
It took years but it worked, one day I hit on a great business and it all turned around.
Being broke certainly limits the type of opportunity you can invest in, but there's always something.
Always? It's not a law of physics...
Where does the "harm" you talk about come from? Usually it's because there are other responsibilities you're engaged with. If you literally give everything else up to focus on one thing, these barbs aren't in your life. I'm talking forgoing rent to crash with family/friends, eating ramen, selling/getting rid of your things, live on credit cards, etc, and have a 24/7 focus that keeps you going.
You'd be surprised how much that frees you from the immediate "harm" you describe, but you also have nothing to fall back on, because you pretty much have nothing else anymore than your pursuit, and can be amassing enormous debt (financial and otherwise). It's a huge amortized, pushed-forward harm in the hopes that the gamble pays off. For many, it doesn't.
All the things you described doing are the fallback options - you have to have a family and friends, things to sell, credit to burn. Even then, family or friends have less patience to carry you when you’re taking a moonshot unless they also have a lot they can fall back on.
That's not a judgement on what they choose, but many times the "lack of privilege" is really they because they made different choices.
From https://sidsavara.com/why-3-of-harvard-mbas-make-ten-times-a...
“Have you set clear, written goals for your future and made plans to accomplish them?” In 1979, interviewers asked new graduates from the Harvard’s MBA Program and found that :
84% had no specific goals at all
13% had goals but they were not committed to paper
3% had clear, written goals and plans to accomplish them
The 13% of the class who had goals were earning, on average, twice as much as the 84 percent who had no goals at all.
Even more staggering – the three percent who had clear, written goals were earning, on average, ten times as much as the other 97 percent put together.
Edit: I had often heard of this study and just pasted the first reference I found. I would delete this post, if I could, as its credibility is questionable. Thanks femto.
Though it's claimed that the myth did prompt an actual study (not peer reviewed?)
https://sidsavara.com/wp-content/uploads/2008/09/researchsum...
Which claims to support a fuzzier notion that writing things down helps achieve a goal.
She grew up rich, with the freedom to pursue her passion from the age of 10, when her mother would take her to karaoke contests. The ability to up stakes and move to Nashville, to have your father buy your way into a record label... well... it doesn’t overshadow her natural ability, but it helps to explain how she was able to leverage it so effectively.
Exactly - she won the lottery being born into a rich white family in the U.S.
But Bo Burnham’s quote really isn’t about that, he’s talking about getting lucky and having your career take off. The truth is that many many lotteries typically need to be won before you can even enter that lottery. My point was that Taylor Swift didn’t just “take a chance” on music, she used all of her existing wins to stack the deck in her favor. If you look at a lot of CEO’s the same is true of them, and it’s not just the luck of their career taking off, but the luck of ever being in a position to have that happen.
Nitpick, but this isn't actually true (see lawsuit she won), and we don't really have any way to know if it was true even before she became famous. I agree with your general point, though.
I think it was about both. Later in the clip he says to Conan O'Brien "We're tall white guys, we overcame nothing to get here."